18 May 2023

Grainger plc

Statement re Rent Reform Bill

We welcome today's Rent Reform Bill and its principal aim of improving and raising standards within the UK private rental market. Many of the proposals in the Bill align to Grainger's business model. Earlier this week in Parliament, the Housing Minister stated that these reforms are intended to "support a buoyant private rented sector and continued investment, including from institutional investors".

As a leading, responsible landlord in the Build to Rent sector, Grainger provides high quality, good value rental homes and excellent service to our residents across the country, and in doing so, raises market standards and improves the overall experience for renters, enabling them to put down roots, join communities and call their rental property their home.

The many challenges which face renters today are a result of undersupply and a fragmented landlord market. A better supplied rental market, with more professional, long-term and institutional-investor landlords, providing better quality, mid-market priced homes is what is needed.

Today's Bill ensures that rents can still be set in line with the open market. The Housing Minister has specifically stated that "Nothing in these proposals will prevent landlords being able to increase rents to market prices." The abolition of 'no fault' evictions is welcome alongside the commitment to court reform and strengthening landlord's ability to swiftly manage problem tenants for the benefit of the wider community. A key focus for Grainger is retaining our customers, which these proposals align with.

As today's Rent Reform Bill goes through the Parliamentary scrutiny process over the coming year, we look forward to continuing to work with the Government and policy makers from all parties, to ensure today's proposals strike the right balance between improving the experience for renters, while maintaining the attractiveness of the sector to long-term, responsible investors like Grainger.

ENDS

For further information, please contact:

Grainger plc

Kurt Mueller, Director of Corporate Affairs                                  +44 (0) 20 7940 9500

Julie Deighton, Director of Communications

Camarco, PR

Ginny Pulbrook / Geoffrey Pelham-Lane                                     +44 (0) 20 3757 4992 / 4985